23 Sep

Chancellor Kwasi Kwarteng has today outlined a series of tax cuts and economic measures designed to jump-start the economy, these are the biggest tax cuts since 1972. The main measures from his (not so) Mini-Budget announcement are: 

  • The planned Corporation tax increase from 19% to 25% has been cancelled
  • Basic rate of income tax will be cut to 19p from April 2023
  • Higher income tax rate of 45% to be abolished (although this will not apply in Scotland)
  • The recent rise in NI contributions will be reversed from 6 November
  • Energy price guarantee
  • The cap on bankers’ bonuses scrapped
  • The planned increase in alcohol duty cancelled
  • New low-tax investment zones in England
  • There will be tightened restrictions on strike action

We believe the most important thing right now is to try and help as many people and businesses through the cost-of-living crisis as possible. There may be questions or concerns that you or your clients have; we are here to help and can provide advice, support and guidance. Please contact one of our team and we will be happy to discuss.

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